Benchmark Cuts Exodus Price Target to $12, Sees Stablecoin Shift Undervalued After 25% Layoff

According to Benchmark via The Block on July 21, the investment firm reiterated its buy rating on Exodus Movement while reducing its price target from $23 to $12, citing market underestimation of the company's shift toward stablecoin-based payment infrastructure. Analyst Mark Palmer noted investors are overlooking "option value in payment infrastructure," with new revenue streams expected from card issuance, stablecoin settlement, and enterprise payments.

Exodus is cutting 25% of its workforce to save $10 to $13 million in annual cash expenses, following its May acquisitions of Monavate and Baanx. The transition aims to reduce dependence on cyclical crypto trading fees. Exodus shares fell nearly 3% to $4.91 on trading day, down approximately 68% year-to-date.